Hewlett-Packard expected to unveil layoffs
Hewlett Packard is expected to announce thousands of lay-offs today. But highly skilled tech workers may not be out of work for long.
Jeremy Hobson: Today, Hewlett-Packard is expected to announce major layoffs.The troubled tech company could cut as many as 30,000 thousand employees, according to reports. And since we're talking about tech jobs, that means there's likely to be a flood of highly educated and skilled workers coming into the job market at the same time.
Our Senior Business Correspondent Bob Moon reports.
Bob Moon: The government reports mass layoffs claimed the jobs of close to 200,000 American workers in the first three months of the year. So it's hard to put a positive spin on up to 30,000 more people expected to get pink slips at Hewlett-Packard.
Still, job placement expert John Challenger says at least they're likely to be in a better position than lots of others.
John Challenger: Many of the people coming out of HP will be scooped up by other companies.
That's because in technology, job growth overall is looking up.
Challenger: Companies today continue to build their IT departments, social media, smartphone app development -- there's some very strong areas. And those people, with skills that can be utilized by those companies, will be in more demand.
Challenger says the job search won't be as easy for HP workers laid off from more general support jobs -- sales, human resources and finance, for example. But even in their case, the name recognition can't hurt.
Challenger: Over time, the experience of working for a company like HP should really make a difference. It's like going to a good school.
Which might help make it faster to get through the school of hard knocks.
I'm Bob Moon for Marketplace.